Phil Grossfield's Blog

Gum Gum Everywhere!  I’m back! Our first stop on our 2-week adventure was in Seattle Washington. We hit Pike’s Place Market where they have the first-ever Starbucks. Of course, we had to get a latte but for some reason it tasted the same as the Starbucks in San Diego. Then we got the best dessert I have ever eaten, a hot crumpet with maple spread at the Crumpet Shop…oh Lordy! If they were in San Diego I’d go there every day…EVERY DAY! But the highlight for the kids was the gum wall…yes, it’s literally covered in layers of disgusting chewed gum. My kids reveled in it…chewed…and added to the wall. We are now permanently a part of this growing art form. Yich!

My Schedule:  Available all day….

My Market Watch:   Bonds Up. One of the nice things about unplugging was getting away from the volatile bond market. So, although bonds are up about +14bps right now I’m not really versed on anything just yet. As I get acclimated back to working every day instead of eating and drinking every 20 minutes I will begin reporting on the bond market….

Perspective.  30-Year Fixed Average Rates:  Past 40 years:  8.15%    Past 30 years:  7.45%    Past 20 years:  6.52%    Past 10 years:  5.72%

A word on locks.  Even though turn-times are fast, I advise longer term locks or at least a pricing cushion to account for possible lock extensions. Flexibility in getting additional days is not as elastic. I advise 45 day Locks. If you must lock 30 days then be sure to build in additional rebate in case you need to pay for an extension.  This is good smart business.

Distinguish Yourself. In order to succeed in this business and in this market, you must find a way to distinguish yourself from other LOs. That is, if you are going to get more reliable referral sources, you must be able to clearly convey several compelling reasons why they should use you….My calendar is getting full – I am scheduling presentations to discuss (1) How to Be Successful In The Future Market, (2) Where to Look For Additional Referral Sources, and (3) How To Distinguish Yourself From Other LOs.  Let me know if you’re interested in a presentation….